[Sparky-30]

Just received our tax bill,(Marion County) is the bond on the house in TV rolled up in there also?

[dfn8tly]

Yes it is. It should be listed as a separate item.

[tap190]

How much of the bond do you have to pay each year ?

[Army Guy]

Originally Posted by tap190

How much of the bond do you have to pay each year ?

Payments are paid over the 30 life of the loan I believe.

Army Guy

[jblum8156]

It is my understanding (somebody please correct me if I'm wrong) that you can either make the yearly payments OR pay off the bond in full - but you can't pay it off partially (such as half now and half later).

[Army Guy]

Originally Posted by jblum8156

It is my understanding (somebody please correct me if I'm wrong) that you can either make the yearly payments OR pay off the bond in full - but you can't pay it off partially (such as half now and half later).

You are correct! We just bit the bullet and payed ours off this past May. We ran the numbers and if you can do and plan to stay in your present villa, it makes a lot of sense to do. Plus of course it lowers your annual tax bill also since no bond to pay!

Army Guy

[Bill-n-Brillo]

Originally Posted by Army Guy

You are correct! We just bit the bullet and payed ours off this past May. We ran the numbers and if you can do and plan to stay in your present villa, it makes a lot of sense to do. Plus of course it lowers your annual tax bill also since no bond to pay!

Army Guy

Key point: "If you plan to stay....." Seems like most all buyers have an expectation that there will be some outstanding bond amount associated with the property when they are looking to purchase. Yet no buyer wants to factor anything into the value of the house they're considering if the bond's paid off. So it's pretty much "lost money" for the seller, unfortunately. But as the owner, it does make sense to pay it off if you're planning on being there for the duration. Do the math - annual bond payment times number of years remaining - and the result is rather surprising. Kinda like doing the same thing with a mortgage payment vs. a payoff!!! Losta money being shelled out for interest!

Bill

[tap190]

I thought I heard that a homeowner could ,if he wishes to ,make a 'interest only' payment on the bond from the amount shown on the tax bill ???

[zcaveman]

Originally Posted by Bill-n-Brillo

Key point: Yet no buyer wants to factor anything into the value of the house they're considering if the bond's paid off. So it's pretty much "lost money" for the seller, unfortunately.

When I paid off my bond, the guy that I gave the check to said to add the amount of the bond to the value of my house when I sell it. If you pay off the bond, why wouldn't you add that amount to the asking price if you decide to move?

[mulligan]

Mainly because most buyers will not pay the additional amount.

[Ohiogirl]

Originally Posted by mulligan

Mainly because most buyers will not pay the additional amount.

I think I disagree - of course, it all depends on the sales agreement, but I do think that most buyers do understand the value of the paid off bond - a seller might not get the total amount, just like they usually won't get the total amount of remodeling costs back, but there is a perceived value and an educated buyer will understand that.

[Bill-n-Brillo]

Originally Posted by Ohiogirl

I think I disagree - of course, it all depends on the sales agreement, but I do think that most buyers do understand the value of the paid off bond - a seller might not get the total amount, just like they usually won't get the total amount of remodeling costs back, but there is a perceived value and an educated buyer will understand that.

Ohiogirl - I agree with your point. I think a part of the problem with having no bond come time to sell would be with the marketing: If the "going rate" for such-and-such a model home is X-dollars, the house will potentially be overlooked if it's priced $10-20k (or whatever) beyond the others - even if it's listed as 'No Bond'. Psychological hurdle for some to get over, I believe.

Bill

[Army Guy]

Originally Posted by Bill-n-Brillo

Ohiogirl - I agree with your point. I think a part of the problem with having no bond come time to sell would be with the marketing: If the "going rate" for such-and-such a model home is X-dollars, the house will potentially be overlooked if it's priced $10-20k (or whatever) beyond the others - even if it's listed as 'No Bond'. Psychological hurdle for some to get over, I believe.

Bill

Agree. Especiallly since home prices should rise a little soon, you will easily recoup that, plus have the marketing bennie!
We are hoping that once TV is builtout prices will rise even faster, since to move to TV you will have to buy pre-owned.

Army Guy